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Business Statistics II > Chapter 8 and Chapter 9 > Flashcards

Chapter 8 and Chapter 9 Flashcards

1
Q

se = σ / sqrt(n)

A

Equation for the standard error (standard deviation) of a distribution of sample means.

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2
Q

Name the 2 assumptions that must be met for a distribution of sample proportions to be normally distributed.

A

n*p >= 5

n*(1-p) >= 5

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3
Q

se = sqrt( [p*(1-p)] / n)

A

Equation for the standard error (standard deviation) of a distribution of sample proportions.

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4
Q

The empirical rule states that _____ % of values of a normal random variable are within +/- 1 standard deviation of its mean.

A

68%

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5
Q

The empirical rule states that _____ % of values of a normal random variable are within +/- 2 standard deviation of its mean.

A

95%

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6
Q

The empirical rule states that _____ % of values of a normal random variable are within +/- 3 standard deviation of its mean.

A

99.7%

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7
Q

The confidence associated with an interval estimate.

A

Confidence Level

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8
Q

The confidence level expressed as a decimal value.

A

Confidence Coefficient

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9
Q

An estimate of a population parameter that provides an interval believed to contain the value of the parameter.

A

Interval Estimate

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10
Q

1 - α

A

Confidence Coefficient

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11
Q

When σ is known, multiply the ____ and _____ to calculate the margin of error for an interval estimate for the population mean.

A

Z-Value at α/2

Standard Error of the Sample Mean Distribution

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12
Q

When σ is unknown, multiply the ____ and _____ to calculate the margin of error for an interval estimate for the population mean.

A

T-Value at α/2

s / sqrt(n)

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13
Q

σ

A

Population Standard Deviation

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14
Q

s

A

Sample Standard Deviation

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15
Q

x bar +/- margin of error

A

Interval Estimate for a Population Mean

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16
Q

A family of probability distributions that can be used to develop an interval estimate of a population mean whenever the population standard deviation σ in unknown and is estimated by the sample standard deviation s.

A

T Distribution

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17
Q

p bar +/- margin of error

A

Interval Estimate for a Population Proportion

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18
Q

A parameter of the t distribution. When the t distribution is used in the computation of an interval estimate of a population mean, the appropriate t distribution has n-1, where n is the size of the sample.

A

Degrees of Freedom

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19
Q

A tentative assumption about a population parameter.

A

Null Hypothesis

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20
Q

The opposite of what is stated in the null hypothesis.

A

Alternative Hypothesis

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21
Q

Used to determine whether a statement about the value of a population parameter should or should not be rejected.

A

Hypothesis Testing

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22
Q

Hypothesis of no change.

A

Null Hypothesis

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23
Q

The equality portion of the hypotheses always appears in the ____ hypothesis.

A

Null Hypothesis

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24
Q

Name the 3 forms of hypothesis tests.

A

One-Tailed (Lower Tail / Decreasing)
One-Tailed (Upper Tail / Increasing)
Two-Tailed

25
Q

As degrees of freedom increases, the difference between the t distribution and the
standard normal probability distribution _____ .

A

Decreases

26
Q

At 95% confidence, α equals ____ .

A

0.05

27
Q

True or False

The t distribution is used when computing interval estimates when σ is known.

A

False

28
Q

True or False

When σ is unknown, the sample standard deviation s is used to approximate the population standard deviation σ when computing interval estimates.

A

True

29
Q

H(o) : μ >= μ(o)

H(a) : μ < μ(o)

A

One-Tailed (Lower Tail) Hypothesis Test

30
Q

H(o) : μ <= μ(o)

H(a) : μ > μ(o)

A

One-Tailed (Upper Tail) Hypothesis Test

31
Q

H(o) : μ = μ(o)

H(a) : μ =/ μ(o)

A

Two-Tailed Hypothesis Test

32
Q

True or False

When p is unknown, the sample proportion p bar is used to approximate the population proportion p when computing interval estimates.

A

True

33
Q

Multiply the ____ and _____ to calculate the margin of error for an interval estimate for the population proportion.

A

Z-Value at α/2

Sqrt( [p bar * (1-p bar) ] / n)

34
Q

In a(n) lower / upper tail one-tailed hypothesis test, the alternative hypothesis suggests that the actual population mean μ is less than the hypothesized population mean μ(o).

A

Lower

35
Q

In a(n) lower / upper tail one-tailed hypothesis test, the alternative hypothesis suggests that the actual population mean μ is greater than the hypothesized population mean μ(o).

A

Upper

36
Q

The type of error that occurs when the null hypothesis is rejected when it is actually true.

A

Type I Error

37
Q

The type of error that occurs when the null hypothesis is not rejected when it is false.

A

Type II Error

38
Q

Another name for interval estimate.

A

Confidence Interval

39
Q

The +/- value added to and subtracted from a point estimate in order to develop an interval estimate of a population parameter.

A

Margin of Error

40
Q

A value that is compared with the test statistic to determine whether the null hypothesis should be rejected.

A

Critical Value

41
Q

The probability of making a Type I error when the null hypothesis is true as an equality.

A

Level of Significance

42
Q

A probability that provides a measure of the evidence against the null hypothesis given by the sample.

A

P-Value

43
Q

The probability of correctly rejecting the null hypothesis when it is false.

A

Power

44
Q

A graph of the probability of rejecting the null hypothesis for all possible values of the population parameter not satisfying the null hypothesis.

A

Power Curve

45
Q

A statistic whose value helps determine whether a null hypothesis should be rejected.

A

Test Statistic

46
Q

The Excel function that returns the normal distribution for the specified mean and standard deviation.

A

NORM.DIST

47
Q

The Excel function that returns the inverse of the normal cumulative distribution for the specified mean and standard deviation.

A

NORM.INV

48
Q

Name the Excel function used to create a confidence interval for a population mean when σ is known.

A

CONFIDENCE.NORM

49
Q

Name the Excel function used to create a confidence interval for a population mean when σ is unknown.

A

CONFIDENCE.T

50
Q

Name the Excel function used to compute the p-value for a one-tailed hypothesis test about a population mean when σ is unknown.

A

T.DIST.RT

51
Q

Name the Excel function used to compute the p-value for a two-tailed hypothesis test about a population mean when σ is unknown.

A

T.DIST.2T

52
Q

Name the Excel function used to compute the p-value for a one-tailed hypothesis test about a population mean when σ is known.

A

Z.TEST

53
Q

Name the Excel function used to create a confidence interval for a population proportion.

A

CONFIDENCE.NORM

54
Q

Name the test statistic used for a hypothesis test about a population mean when σ is known.

A

Z

55
Q

Name the test statistic used for a hypothesis test about a population mean when σ is unknown.

A

T

56
Q

Name the test statistic used for a hypothesis test about a population proportion.

A

Z

57
Q

Name the Excel function used to compute the p-value for a one-tailed (lower tail) hypothesis test about a population proportion.

A

NORM.S.DIST

58
Q

Name the Excel function used to compute the p-value for a one-tailed (upper tail) hypothesis test about a population proportion.

A

1 - NORM.S.DIST

59
Q

Name the Excel function used to compute the p-value for a two-tailed hypothesis test about a population proportion.

A

2 * NORM.S.DIST

Business Statistics II (3 decks)

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